PONS

Alert

Spread before costs (cost unknown: a leg has no order-book sample)−0.101%

7d average—if it closes, per $10,000$10funding while held, a day+$9.71

Long on Orderly Short on Polymarket Perps

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_PONS_USDC_mythos	0.5835	0.0100	pay 0.0050% / 4h	1h 29m	$2K	$3K	10x
Short	Polymarket Perps PONS-USD	0.5829	0.0424	get 0.0053% / 1h	29m 52s	$69K	$1.8M	3x

Price spread history

latest

Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Position, each leg$Hold forhoursFee OrderlybpFee Polymarket PerpsbpOrdersClose when spread is

Spread captured: −$10.11
Funding while held: $9.71
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$14.4
Spread needed to break even: 0.140%

Slippage unknown: Orderly: no order-book sample; Polymarket Perps: live order book, 5 min ago. Net counts fees only.

Cost of waiting

funding view

Funding /8h: +0.0324%
Per $10,000 a day: +$9.71
Average in range /8h: —

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Orderly no order-book sample	—	—	—	—	—
Sell Polymarket Perps live order book, 5 min ago	2.14 bp	6.6 bp −$7	7.7 bp −$77	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

PONS on 30 venues

cheapest first. Swap a leg.

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Injective PONS/USDC PERP	−1.666%	+0.0033%	1h	$590	$3K	5.5x	as long as short
edgeX PONSUSDC	−0.323%	+0.0282%	4h	$20K	$293K	10x	as long as short
ApeX Omni PONSUSDT	−0.310%	+0.0100%	1h	$34K	$317K	5x	as long as short
Pacifica PONS	−0.213%	+0.0157%	1h	$46K	$116K	3x	as long as short
gTrade (Gains Network) PONS/USD	−0.211%	L +0.0032% / S −0.0032%	1h	$210K	—	150x	as long as short
BloFin PONS-USDT	−0.192%	+0.0493%	4h	$1.7M	$973K	20x	as long as short
Variational Omni PONS	−0.179%	+0.0100%	4h	$1.3M	$4.1M	—	as long as short
Phoenix PONS	−0.165%	+0.1299%	1h	$24K	$70K	3x	as long as short
Aster PONSUSDT	−0.146%	+0.0100%	4h	$1.1M	$2.1M	20x	as long as short
OKX PONS-USDT-SWAP	−0.141%	+0.0174%	4h	$12.9M	$55.4M	20x	as long as short

Show all 30 venues

Exchange	vs long leg	Funding /8h	Every	OI	Vol 24h	Max lev
Gate PONS_USDT	−0.141%	−0.0178%	4h	$5.2M	$7.2M	20x	as long as short
SunX PONS-USDT	−0.135%	+0.0100%	4h	—	$1.3M	10x	as long as short
Hyperliquid PONS	−0.122%	+0.0100%	1h	$58.0M	$29.9M	3x	as long as short
KuCoin PONSUSDTM	−0.117%	+0.0100%	4h	$1.7M	$3.5M	20x	as long as short
Lighter RH PONS	−0.108%	+0.0288%	1h	$415K	$2.4M	3x	as long as short
Binance PONSUSDT	−0.106%	+0.0259%	4h	$37.6M	$99.4M	20x	as long as short
Bybit PONSUSDT	−0.106%	+0.0100%	4h	$16.9M	$31.2M	20x	as long as short
SoDEX PONS-USD	−0.106%	+0.0100%	1h	$26K	$534K	3x	as long as short
Nado PONS-PERP	−0.106%	+0.0100%	1h	$72K	$94K	5x	as long as short
Polymarket Perps PONS-USDshort	−0.101%	+0.0424%	1h	$69K	$1.8M	3x
Aevo PONS-PERP	−0.095%	+0.0144%	1h	$363	—	3x	as long as short
Popdex PONSUSDT	−0.089%	+0.0096%	1h	$20K	$512K	20x	as long as short
MEXC PONS_USDT	−0.089%	+0.0252%	4h	$7.0M	$5.4M	20x	as long as short
BingX PONS-USDT	−0.089%	+0.0266%	4h	—	$3.3M	—	as long as short
Phemex PONSUSDT	−0.089%	+0.0100%	4h	$1.7M	$3.3M	20x	as long as short
Extended PONS-USD	−0.074%	+0.0256%	1h	$87K	$542K	5x	as long as short
Bitget PONSUSDT	−0.074%	+0.0136%	4h	$4.6M	$11.6M	20x	as long as short
Lighter PONS	−0.002%	+0.0928%	1h	$1.7M	$868K	3x	as long as short
Orderly PERP_PONS_USDC_mythoslong	0.000%	+0.0100%	4h	$2K	$3K	10x
HTX PONS-USDT	+0.115%	+0.0100%	4h	$62K	$500K	20x	as long as short